CHILE Trends and Developments Contributed by: Nicolás Yáñez Figueroa and Ornella Otárola Tiozzo, EDN Abogados
Introduction Chile’s strong economic growth during the 1990s and early 2000s is widely recognised as a defining period of prosperity. However, this momentum slowed markedly after 2010 and deteriorated further amid attempts to advance projects for a new Constitution. Nonetheless, over the past decade and despite the latter, Chile has embarked on an ambitious journey to modernise its legal, regulatory and technological frameworks, positioning itself as a regional leader in digital transformation. What began as fragmented and delayed regulatory initiatives have evolved into a com- prehensive ecosystem that integrates data protection, cybersecurity, fintech regulation, artificial intelligence and digital infrastructure. This transformation has been driven by a combina- tion of collaboration from both the public and private sectors, foreign investment, and state-led initiatives, all of which have reshaped the country’s institutional landscape and created new opportunities for innova- tion and growth, witnessing the country’s significant progress within what is considered its technology- related ecosystem. All of this has fostered interest and appetite for corporate acquisitions in Chile. As will be shown, the technology-related ecosystem in Chile has experienced exponential growth in recent years, not only in terms of investment in infrastructure but also, and very particularly, at a legal and regula- tory level. The introduction of new regulators in data protection and cybersecurity, in addition to the already existing sophisticated regulators in the financial sec- tor with highly specialised departments dedicated to technology-related matters, together with the pres- ence of experts in cybercrime and a new catalogue of criminal offences, have dramatically increased the complexity of the environment in which tech-related M&A operations in Chile take place. In Latin America, and particularly in Chile, the M&A market shows signs of resilience. Although the operation volume has been irregular in 2025, sectors like technology take the lead when it comes to deals. Chile stands out due to its institutional stability and regulatory advances, which will be discussed, and its influence in deal structur- ing. In this new cycle, M&A operations seek not only growth but also adaptability, efficiency and sustain- ability.
For these reasons, tech companies operating in Chile now face a more demanding environment, with heightened compliance obligations and increased exposure to regulatory and even criminal liability. Against this backdrop, Chile stands at the forefront of Latin America’s digital future, consolidating its role as a hub for technological development and invest- ments. The evident improvement in infrastructure, the establishment of state policies in tech-related matters, and the existence of adequate regulatory standards make the acquisition of tech-related companies signif- icantly more attractive. Its serious approach, security and high industry development make Chile a highly attractive destination. Chile’s Path Towards Modern Legal and Regulatory Standards Chile has a strong system of regulatory entities cov- ering different markets. However, until recently, the enormous advance of technology did not align with the legal regulation already in place in those other industries. For instance, in relation to data regulation, for several years Chile delayed the process of imple- menting a law concerning the protection of personal data, given that there was not even a basic structure to safeguard or regulate the use of data, let alone enforce requirements regarding personal data. Protection of personal data Indeed, various developments have begun to take place in Chile over the last few years. An analysis by the Chilean Congress in the field of data protec- tion revealed that, in relation to Law No 19,628 on the Protection of Private Life of 1999, a total of 67 bills concerning personal data and privacy had been introduced. In 2015, the Organization for Economic Co-operation and Development (OECD) warned that only Chile and Turkey had not updated their legislation in this field: Turkey resolved this with the enactment of a new law in March 2016. Thus, in March 2017 – under pressure from both civil society and academia – the Chilean government introduced a bill entitled “Regulates the protection and processing of personal data and creates the Personal Data Protection Agency ( Agencia Nacional de Protección de Datos )”. However, the bill remained dormant for many years until, finally, at the end of 2024, its legislative process concluded, establishing its deferred entry into force at the end of
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